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black eye for toyota, this time for one of its long-term champions. the slams the new lexus suv. we'll discuss what this means for the brand. >>> from consolidation to carry-on lcarry hf - carry-luggage fees. the president and ceo of virgin america will join us. >>> all right, well kmp back to "the call." i'm melissa francis. let's get you caught up on where the markets are trading right now. s&p 500 trading to the down side about 0.03%. the dow also trading on the down side, almost flat on the session, about 0.10% below that 11,000 mark right now and nasdaq on the down side. a little more than 0.10%. european markets getting ready for their close and right now all of them in the down, as well. the cac down by 11 points. >>> lots going on in the airline sector including increased consolidation. of course, charging for carry-on luggage as airlines scramble to find new sources. joining us right now to discuss, we have virgin america president and ceo david cush. first of all, your thoughts on this increased consolidation we're seeing and how that will affect you and your business. >>
that toyota is fined by the federal government of $16.4 billion for not notifying them, and that is the largest fine ever. so we are seeing a dip, but there are recovery in shares of toyota, but nonetheless, that is a significant story, and again, wrapping up the headline, the dow jones industrial average inching so closely to dow 11,000, a place it has not been since september of 2008. however, it with elusive on this day, maria. >> thank you, scott. a big day for energy. oil prices surging past $86 a barrel, and heavy volume as well, and here is sharon epperson at the nymex with that story and this is another one that won't quit, sharon. >> right. since october of 2008 have we seen prices at these levels. when you look at oil prices over the last week and month, you will see how we broke out of the recent range and decidedly so and where are the oil prices headed? well, almost every analyst says little technical resistance to where we are to $90 a barrel. you add to that the fact of positive economic data on jobs and pending home sales today and service sector and man
, the united states transportation department plans to fine toyota $16.4 million for alleged safety violation thchlt has to do with when the federal government was notified about a potential problem with acceleration. the law is that they must be notified within five days and toyota said they notified them in a prompt fashion, but clearly this fine has to do with fact that toyota did not notify them quick enough, and they knew about the problems months before they took the steps necessary to notify the united states government. this is the largest fine against a automaker, and 16.4 million, that toyota failed to notify regulators promptly about the pedal defect, and it took them months, and you are supposed to do it within five days. >>> we saw the stock reacting as you were talking, phil, but it is now flat on the session. but certainly, as you were talking, we had a move from positive to negative, and now it is positive again, actually moving higher. >> huge implications here, maria, for the shareholders as far as opening up toyota for greater liability problems in terms of civil cases. thi
to the financial disaster. and the story behind toyota getting slapped with a huge $16 million fine. but first the morning top headlines. >> the futures are indicating that we'll have a slightly weaker open. we had a rally yesterday. we had a move higher crosses 4% but right now it suggest as slightly lower open. australia central bank jumping by 25%, a 14-month high. also signalinging future moves in the future. an explosion ripping through a west virginia mine owned by mass see energy. four miners are still missing underground. they have a history of safety violations. three fatalities since 1998 and a worst than average injury rate during the last ten years. they are the largest coal producer in central ap lach cha. luds gud mob are you aglet's ge more reaction. david, good to talk to you. have you been given -- has the analyst community been informed by anything in the last 12 hours or so as a result of the mining accident? what can you tell snus? >> the company put out a press release to confirm the explosion and the deaths and that's pretty much it. i think right now we expect them to te
a key driver here. toyota was offering big incentives. a toyota auto executive said his company sales rose by 40% in march. hyundai says it u.s. sales rose as much as 18% last month compared to the previous year. auto nation's ceo will join us in the next hour and we'll learn more about what he's learning in terms of car sales. >>> meanwhile, tim geithner says the u.s. economy is still in a tough spot, but slowly on the mend. he saw down with nbc's matt lauer. >> you'll start to see businesses across the country start to add to payroll again. that's going to come -- the economy is growing now. that's the first step. but with growth, more jobs will come. but the unemployment rate is still terribly high, and it's going to stay unacceptably high for a long period of time. it's going to take a long time to bring it down just because of the damage of the recession. >> in a meeting yesterday in pen ben, geithner read with steelmakers. next week, he leaves for a trip to india. >>> we want to get a check on the markets as we begin the second quarter. wow, futures are looking pretty good here
gains we had yesterday. we had toyota in focus yesterday. moody's cutting the, elsewhere in shanghai, the composite, 1.1% lower. we're seeing more measures, fresh measures by the government to cut circulation. that is weighing on the index there. the hang seng down 0.3%. in south korea, the kospi sliding 0.4%. the bombay sensex rising to the up side, up 1.3%. and the australian market down almost 1%. how is all this impacting the ftse cnbc global 3 hunl index? let's check to see how that is faring in light of what's happening in the equity market. we are waiting for it to come up. just give us a little bit of time so far. nicole, it is one of those things on a thursday morning. what can i say? >> i like to call it a friday eve, christine. it makes it sounds a little better. regardless of the charts, let's take a look at what we're seeing in the united states. lower across the board with dow futures down about 8 below fair value right now. excuse me. they are a little bit lower, actually. so are nasdaq futures and s&p 500 futures. we have about 100 of the s&p 500 companies reportsing
coming from phil lebeau. >>> breaking news from toyota, it will recall 50,0002003 model year toyota sequoias to upgrade the software in the vehicle stability control. this is similar to the issue that we saw with the lexus gx 3450. no injuries, no accidents contributed to the issue with the software in the 2003 sequoias, but, again, toyota recalling 50,000, 2003 toyota sequoias for vehicle stability control upgrades. guys, back to you. >> this is in addition to what we saw after that consumer reports came out with the lexus and then recommending, of course, that the lexus be recalled. >> right, correct. we're talking about stability control and whether or not the system, the software, the logic that they call it within the software is functioning at optimum capacity in terms of how it should be working. that is upgraded as part of this recall. again, toyota saying no accidents, no injuries reporting from this problem. >> thanks very much, fill lebeau. >>> let's go back to our greece panel there. they're still there. matt hogan, andy believes there is a play here. i want to get in th
day now. plus the aggressive incentives toyota is putting out there. are they going down the same road that, well, hey, look, gm would not say that was such a wonderful road, was it? should toyota beware? and here are your morning movers. still hovering shy of 11,000. your biggest mover today is celgene and amazon on the move. we'll be back. >>> 45 minutes into the trading day. the dow up more than 10% since the february lows. boeing, du pont and disney, the biggest gainer on the blue chip index. auto nation, one of the best performers on the s&p. the company boosting earnings guidance for first quarter. and las vegas sans, u.s. steel, also hiting fresh 52-week lows. matt nesto told you yesterday about success in mccaw. we talked about las vegas sands. what else you got going on today, mr. nesto? >> let me talk about some of the upgrades, you mentioned the dow leaders. only eight stocks higher here today. du pont, pfizer and disney get upgraded this morning. du pont goes to neutral. off the underperform list at ba meryl this morning. you can see it is up .6%. pfizer, jpmorgan, is sayin
the head of nhtsa. u.s. regulators will perform tests on lexus and other toyota suvs and will take action if the vehicles do not meet regulator standards this coming after toyota announcing overnight out of japan it will test all of its suvs as it tests the lexus gx 460. consumer reports did some tests on and there could be a propensity for this vehicle to tip over because the electronic stability control doesn't kick in in time. they're now testing all their vehicles and now you have nhtsa saying we will test lexus and other toyota suvs if they do not meet safety standards and take action physical they do not meet regulator standards. that's the latest as they continue to look into potential problems with toyota and lexuses suvs. melissa? >> phil, just a question. i think you mentioned they are testing in japan, does that correla correlate, is that consistent with the testing and standards here in the united states? >> the testing is, what's tricky is you may not have the exact same conditions in japan that you had at the test track at consumer reports facility in connecticut and some pe
geithner speaking in new delhi. >>> u.s. regulators want to slap toyota with a civil penalty, amounting to about $16.4 billion, the biggest fine for an automaker in history. toyota failed to notify quickly about its defective pedals. toyota will not directly address the fines, but says it has taken the steps to improve communication issues. >>> south korea will recall 13,000 vehicles sold in the country because of suspected defaults. all the suspected models have floor mats which could hamper the operation of the pedals. nicole. >>> in the united states, 25 people have been killed in a blast in west virginia. four people are still unaccounted for and rescue operations have been halted. the blast happened monday afternoon at the upper branch mine. the cause is unknown, but the mine has a history of violations for not properly ventilating highly combustible gas. massey fell more than 5% in after hours trading. >>> the finance chairman will be watching china's currency practices closely in the next week to decide on what legislation congress should pass on the issue. saturday, treshgry sec
news on toyota. just agreeing to pay a record, mark, fine. this is $16.4 million. it's to u.s. safety regulators for the government's claim it delayed a massive accelerator pedal recall in january, and again, to give some perspective, that is a very small amount for a company like toyota. most fines are relative to the reputational issues, but when you think about wall street and the fines, for example, what this may cost goldman sachs, it's always the reputational issue that's much more costly than the actual fine. >> yeah. plus, now they've got that issue with their big suv, withdrawing it from sales because of safety concerns. hasn't been a good year for toyota. >> no, it has not. well, the s.e.c. reportedly investigating other mortgage deals by wall street's biggest firms after accusing goldman sachs of fraud. now we are going to be joined by senator kay bailey hutchison, republican member of the senate banking committee. she was obviously with us last week, and well, a lot of things have happened since then. senator hutchison, good to have you with us. we appreciate it. >> thank
. toyota is facing a record fine by federal officials. the national highway traffic safety administration wants toyota to pay more than $16 million. the agency says toyota failed to notify federal safety officials about that sticky pedal defect in 2.3 million of its cars. and one airline is getting into the spirit of charging more. spirit airlines announcing passengers will soon have to pay for carry-on luggage. it will cost $45 to bring a bag on board that can't be stowed under a seat. next week, china's president visits the united states, and americans will be paying their taxes, but there is a lot of other things cooking up as well on the calendar. joining me now to talk about it all is former labor secretary robert reich. mr. secretary, good to see you again. thanks so much for joining us. >> hi, maria. >> so let's kick it off here with jobs, obviously the biggest problem facing the economy here in america. you're the former labor secretary. what should the government be doing right now, do you think, to help businesses create those new jobs we're looking for? >> well, small businesse
, breaking news on the consumer from steve liesman and smoking gun at toyota. e-mails sent in january warning the company it should come clean about its recall problem. all that still ahead as "squawk box" continues. >> announcer: as we head to the break, here's a look at the widely held stocks. "squawk box" on cnbc returns after this. we are first in business worldwide. >>> here's a disturbing story. a senior toyota executive tried to warn the automaker that it needed to "come clean" on a safety defect affecting accelerator pedals according to an e-mail sent back in january. phil lebeau joins us now with more. phil? >> it was sent from erv miller who retired from toyota shortly after the recall of defective pedals was sent out. it's one of 70,000 documents being looked at in washington and the damaging part of this e-mail from erv miller says that we have a tendency for mechanical failure in accelerator pedals of a certain manufacturer on certain models. we are not protecting our customers by keeping this quiet. the time to hide on this is over. we need to come clean. i believe that jim lent
gadgets. on the ford side of things, you have ford benefiting from the mess at toyota. they have a phenomenal run, and alan mulally is doing everything right. i own for it the clients, but i don't know if i would add to the positions now, but if you have maalox and willing to take a risk, i am owning toyota at this point both for myself and clients. it is a little bit more of a gamble, but you are banking and banking that most of the bad news is baked into the stock price. >> well, it is a great point. of course, the first quarter has been better than expected on a lot of fronts, but we are waiting on evidence of end market demand, revenue growth, and are you seeing that? >> in places we are seeing the revenue, but it is one of the things coming stock by stock and we know that the auto market is stronger than you would expect, and the same with technology if you see what twe get out of apple and not so much nokia. we know that palm is not doing so well, but radio shack is pulling out of that. you have to pick and choose your places. i am not buying the market as a whole, but the
examining more than 70,000 documents to discover whether toyota has any other safety violations. on monday toyota was fined a record $16.4 million to waiting four months before disclosing a pedal flaw. >> i think toyota was safety deaf, i think they have a very bad business model. i told that directly to mr. t toyoda when he came to my office in washington, d.c. they know they have some serious, serious issuings, not the least of which is violating safety laws that they need to account for. >> and a federal districtius that the red wax seal coating is a well-known and valid trade market. it prohibits diageo from using a similar mark on its tequila bottles. >>> rescuers are trying to find four men. massey stock today very heavily traded. hampton pearson brings us the latest on the rescues. >> particularly the high number of violations at the mine where the latest tragedy has occurred. last year federal inspectors found more than 450 violations and fined them in excess of $382,000, related to problems regarding the ventilation and equipment plan. this afternoon, the ceo offered a partial exp
beau broke the story. >> not only general motors, but the toyota recall announced in the last minute. first to general motors as we reported an hour ago, they plan to pay off the remainder of the government loan it took out from the u.s. and canadian governments when it exited from bankruptcy much sooner than planned. originally the company said that it planned on paying these off by june 1st, but now we are told that the remainer of the $6.7 billion and $4.7 billion to the u.s. government will be paid off well before june 1st, and we will see the timing within the next week. and they will pay $1 billion to the canadian government and be free and clear to the debt obligation to the two governments, and ed whitacre, jr., will announce the payback at a plant in kansas city. they borrowed $30 billion coming out of bankruptcy, but only $6.7 billion had to be repaid and this will fulfill gm's obligation in that return. now, talking about toyota, in the last minute they have announced that i are recalling 9400 models, of the gx 60s which is the model they followed last week of reports not the buy
national. go like a pro. >>> welcome back to quaelt the call." breaking news from toyota. a week and a half after recalling around 5,000 lexus gx 460 and two weeks after suspending sales of the luxury suv, toyota has a fix in place to fix the stability control issues with that vehicle. the company is now going to resume sales of the lexus gx 460 and will start contacting owners of those 5,000 who have already bought the suv so they can come in and get the software upgrade. again, toyota, resuming sales of the gx 460 two weeks after suspending sales. trish, back to you. >> phil, thank you so much. >>> we have seen upside in europe and certainly huge volume in spain's exchange-traded funds on the back of the country's downgrade, as well as heavy volume in the italy etf right here. what about portugal and ireland? what are we seeing there? bob pisani is joining us live from the new york stock exchange with a look at all the etf trades. what do you see? >> weekly look at the etf business. you can buy and sell the whole country stock markets using exchange traded funds. take a look ewp is the sy
this time. >>> moving on, it could be the smoking gun attorneys suing toyota needed. an internal e-mail obtained by cnbc showing a senior toyota executive warned the automaker to "come clean" about faulty accelerator pedals. phil lebeau covers the auto beat and just about everything else for cnbc, is live in chicago. phil? >> reporter: and david, this is the so-called smoking gun memo, although that might be overstating it a bit. it was a memo send by irv miller, who retired from toyota, a lead executive of toyota, from january 16th. here's the note in the memo getting the attention, revolving around whether or not they should alert the authorities about pedal defects. it says, "the time to hide on this is over. we need to come clean, and i believe that jim lentz and yoshi inaba were on the way to d.c. for meetings with nhtsa to discuss optioned." the so-called "come clean" e-mail sent five days before nhtsa was alerted of a recall from toyota of 2.3 million vehicles with faulty gas pedals. remember, last week, toyota was fined $16.4 million by the d.o.t. because it was slow in ena
that is not such good news is we're in the middle of a war right now. toyota set off the war a month ago because they had to get their numbers back. now everybody had to pile in and the big question here is whether they're pulling ahead sales that won't be there too month from now or getting loyal buyers to come in and spend some money. >> what do you make of that alex merkel? they may be pulling buyers forward and selling the deal, not the car. >> there's probably some buyers that are being pulled forward but at this time last year incentives like these would have fallen on deaf ears. what we're seeing right now and what i believe is we're seeing a turn in the auto industry that is sustainable. we'll see job numbers and we're going to see, we have stabilization in the labor markets and the job numbers are going to look really good tomorrow and as we see stabilization in the labor markets, that is the inflection point. that is where the auto sales start to make their turn. ford has not jumped into the incentive band wagon and still had a 34% increase in sales. so, very good numbers. >> in north
not to buy that suv until the vehicle is fixed. toyota is concerned with the report and its engineers conduct similar tests. it promises to duplicate the consumer reports test to determine if appropriate steps need to be taken. couldn't come at a worst time for toyota. >> not from the company making the announcement itself but kind of the worst thing that could happen to them. surprised they didn't preempt the announcement come out with something ahead of time. >> one of the issues is the chassis, in fac, most of the automobile this year changed and that may be one of the problems for toyota. the lexus this one is quite different than previous lexus models and, as a result of that, that could be a big problem. supposedly need fixed. >> we will run our own tests and want to see this. >> they think it is an easy fix. >>> you see all those commercials they run 24/7 on cnbc. you remember the hot ipo a year ago. >> so has the success of that ipo translate under to long-term profts for rosetta stone? we'll talk to the ceo on the other side of the break. >>> how do you say business in swahili. roset
this morning, consumer reports are out with a shocking new warning on toyota lexus. you'll want to hear this. so still around. kevin ferry has the story from the futures pits. stay right here. >>> welcome back, wieveryone. it's being reported that toyota's lexus gx 460 suv is a safety risk. consumer reports says they're urging consumers not to buy this suv until rollover risks have been resolved. you to toy is responding that it's concerned with the reports and that its engineers condition duct similar tests. it promises to try and duply indicate the tests to see if steps should be taken. >> you didn't say anything about accelerators sticking, did you? >> no. this is a completely different problem. >> do they typically buy a car? >> no. it's a rare thing. there have been other suvs that have had problems. >> rollover risks? >> yes. >> that's what people worry about. >> they're so top heavy. anyway, we'll have more from phil coming up at the top of the hour. right now, let's talk about the trading day ahead. kevin ferry is standing by at the cme group. kevin, we've pushed above 11,000, just b
, everyone. check out toyota. halting sales of lexus suv a day after consumer reports said it had handling problems. toyota trading up almost 1%. melissa. >>> crude on the back of surprising inventory data. take a look where oil inventories are trading right now. they're up almost two bucks on the day, better than 2%. 85.89 the last trade there. sharon epperson joins us live from the floor of the new york mercantile exchange. sharon? >> seen a spike in prices since that number came out a little over an hour ago and the bulls in good steady. the reversal that we saw on record volume here to above $84 for a the barrel and remaining above that level before the number came out and then we get the surprise decline in crude supplies and everyone was expecting a bill and we have seen bills for ten straight weeks and that is something that folks are paying attentions as we make our way back to the $87 level. sure omecis saying $70 to $80 is the range because oil fundamentals look like it but we are looking at prices that seem to be in a new range right now and veteran trader here on the floor with
to earn 36.5% of the bank after the capital raising. >>> ross, toyota says it managed to boost global production in march by a whooping 96.7%, relative 770,000 vehicles. but the steep gain is largely on the back of low comparison figures from march 2009 numbers when the company was adjusting to a plunge in demand in the wake of the global financial crisis. still, things could be looking up for the embattled automaker. the nikkei reporter this weekend said impressive operating profit of as high as half a billion dollars for the financial year. above market consensus. this is attributable to the weaker yen and cost-cutting efforts. toyota shares getting a boost up more than 3%, 3690 japanese yen. >>> and still to come on the program, we'll take a look at what's moving the stock markets in our european stock watch. right after this. >>> look at the view of times square early in the morning in new york. 22 minutes past 4:00. eurozone governments a little bit lower today. investor tensions still very much, the ten-year note yield has dropped at 3.04%. ten years, huge week of auctions this
to 11,000. >>> and the tale of two automakers. toyota and ford are both expected to post monthly sales profits. and whether you're waiting for a shipment or waiting online, the ipad frenzy is under way. we'll check all the hype, next on cnbc. ♪ as you can see, this isn't your typical midwestern farm. the reason lies six thousand miles away... in japan, where a producer of specialty eggs needed corn for feed... grown to precise standards. cargill identified the producer's needs, then introduced an illinois farmer to grow the exact corn needed... and developed a system to ship it separately, connecting the farmer with a japanese customer... who was very appreciative. this is how cargill works with customers. most people try to get rid of algae, and we're trying to grow it. the algae are very beautiful. they come in blue or red, golden, green. algae could be converted into biofuels... that we could someday run our cars on. in using algae to form biofuels, we're not competing with the food supply. and they absorb co2, so they help solve the greenhouse problem, as well. we're making a big
defect and it affects the acella. we had talked about toyota suspending worldwide sales of its lexus, gx 460. also saying it's starting safety tests for all the suvs. so that stock is down 8%, as well. >>> the banking stocks doing well on the back of good numbers from jpmorgan and that helped south korea's kospi push higher. the banks in south korea also doing well because moody's yesterday updating -- or upping the sovereign ratings and it does show that the financial health seems to be a little better. so good gains for the financials in south korea, as well. and on that note, i'll send it back to nicole in the u.s. >> and saijal, for all of you procrastinators out there, there is less than 20 hours to file your federal income tax forms. up nextwell, we will talk to john hewitt, a pioneer in the tax industry, coming up. ♪ well, look who's here. it's ellen. hey, mayor white. how you doing? great. come on in. would you like to see our new police department? yeah, all right. this way. and here it is. completely networked. so, anything happening, suz? she's all good. oh, my gosh. is that
toyota, the company has told company to stop selling its lexus suv. they're testing the risks identified by the magazine. it says no decision has been made whether to suspend sales and markets outside of the u.s. and canada. checking toyota shares, they were up almost 1% in shares today regaining after a slide caused by the magazine. nicole. >> christine, although paying taxes is about as popular as a visit to the dentist, most people manage to pay them every year. some people are dodging their obligations as taxpayers. check out our website to see what people do to try and fool the u.s. >>> after the break, i'll tell you why this is expected to be one of the most controversial that ubs has ever seen. >>> welcome back to "worldwide exchange." i'm steve sedgwick in europe. the time is 14 minutes past the hour. banking giant ubs faces a turbulent shareholder meeting later this morning in basul. activists shareholders are preparing to reject the bank's bonus packages as well as plans to absorb from wrongdoing. joining us for more on the groaned is complain schober. carolin, the bank seems t
be shooting the lights out. i mean, it's like look out, lights! plus, with toyota speeding up and falling over, i mean, what are they doing -- falling over and -- let's take that off the road. ford is practically starved for competition. memo to staff. i think we should put the company's ceo, alan mulally, the brilliant turnaround artist who also saved boeing, on the $100 bill. the new benjamin. the alan. now, even though ford sales are way up, in the end this is a balance sheet business. and when the ratings agencies see the quarter next tuesday, i think they're going to go all lady gaga and get on the telephone to raise their ratings. allowing ford to borrow more cheaply around the globe. hey, how about sallie mae? let's take that one while we're talking. we recommended that as 2009 speculative stock of the year like we did huntington banc this year. it was at $6.61 on june 5th. it's now at $13.12. that's a 9% gain. we always tell to you listen to the conference calls, and today's wells fargo conference call said the student loan market is red hot. i would have thought people would have put
. >> have you sold a toyota recently and if so, did it just peel out of the lot and then roll over on itself immediately or what happened? >> that's a very irreverent remark, joe. >> irresponsible. go ahead. >> both of those. in march our toyota business on unit volume was up an astounding 38%. so what i always said through the whole crisis was that what we saw on the showroom floor was the fundamental confidence and trust in toyota remained. they needed at the end of the day to come with an incentive program to deal with the situation. i asked for that. i supported that. it was the right thing to do. it continues into april. toyota will come through this and it will cost them economically but as far as their position in the market, they're going to be able to maintain it. we also saw a revival of the domestic business in the first quarter led by ford motor company. so this is broad based automotive recovery under way and you can now say unequivocally with these results in the first quarter. >> looking there at the chart. hard to believe. $3 handle in october of '08 on autonation. we've come
. >> nicole, guess what? another recall from toyota. 13,000 of its lexus vehicles are headed back to the software which reportedly could cause the product to tip over. toyota says the recall will not affect the chinese market. this comes after the battered automaker agreed to pay a fine of $16.4 million to the u.s. deposit. >> meanwhile, eu transport ministers have agreed to partially open usair space. the pressure has been growing, though, to reopen the skies. the airline industry suffering losses of as much as $250 million a day. the asia cloud didn't make it as far as the canada eastern seaboard yesterday. the country sees pretty low risk from the traveling ash and normal operations have since resumed. international flights are taking off from the airport today in europe from the likes of paris and spain. last week, of course, it was a death spiral. now apparently it is a death circle. this is george soros, billionaire investor, selling cnbc that the company faces falling into higher borrowing costs. it will hurt economic activity. david kotok is still with us. david, the germa
on the economy are strengthening. still in japan, we continue to watch toyota. it's back. toyota announced it has started selling its luxury suv, the lexus gs-460 this week after the cars were pulled off the dealership for two weeks. some sales of the 460 models after a consumer report magazine warned against buying the vehicle and called it a safety risk. in a note to send out to u.s. dealers this week, the automaker said owners of the recalled vehicles will get a free car wash and fuel tanks filled and may claim as much as $45 for one day of rental expenses. all right. coming up next on "worldwide exchange," we will continue to look at what's happening in the markets and how uncertainty in the euro zone can prove to be a boom for asian investments. that's coming up next. cloudy with winds blowing northwest at 10 kilometers fer hour. humidity, 65%. bertha. >> love it. joining us now, peter dixon from commerzbank and, of course within still with us, our guest host, robert pryor, senior asian economist from hsbc. peter, i wanted to start with you. the big number today here in the u.s. is going to
.s. follow suit? >>> toyota is facing a record $16.4 million fine from regulators saying the automaker delayed a recall for defective accelerator parts and tratding down on the session. larry? >> all right, fannie mae out with its housing survey to gauge how the real estate crash has affected consumer attitudes towards housing. this, as we head into the crucial spring selling season. so, what do americans think about walking away from under water mortgages? owning a home as an investment and the government's housing bailout? well diane olick joins us with fannie mae chief economist first on cnbc. hello, diana. >> hello, larry. this is a one of a kind look at where consumers stand on housing and joining us is fannie mae chief economist bob duncan. i want to get to this survey. it's really fascinating. 73% of those you surveyed said they believe home prices will either stay as they are or actually rise this year, however, they also say that a home is a safe investment as dropped from 83% just seven years ago to only 70% who believe today a home is a safe investment. have home prices bott
and controlling costs. >> last month was a big month and a lot of the incentives came at the market and toyota leading the market with incentives and old gm would have thrown money at the market to catch up with anyone else, and this gm is showing more discipline and you will see it in the discipline results. >> ipo this year is a strong possibility, but before that, the analysts want to see if the gm rebound can last. >> these are positive signs, but they are not out of the woods yet. we have a ways to go, and i don't think they will be able to go public on the time frame any time soon. >> for gm workers in kansas city, there is optimism building with every malibu that rolls off of the line. >> well, it was great news for general motors and fairfax here, and good news to get the money we needed to pay the government back. >> we are excited about it. you know, that means job security. >> how much job security? well, gm is now running three shifts at this plant. they will add another 900 jobs which is a commitment to sink more money into the plant they announced today, maria, general motors is
and daimler would take about a 3% stake in each other. meantime, toyota facing a $16.4 million fine by u.s. regulators. >> the story just keeps going and going. thank you so much, saijal patel. >> so if you want to leave our viewer investors with one final thought, what would it be? >> i think the u.s. treasury at current levels is attractive. i think as we get into the secretary second half of the year, they should foep focus on whether the global goods market continues to move forward. as time moves on, i think we should focus at take some key assets for the table. be risky assets. >> what kind of valuation do you think we'll get? i think 3%. >> thank you so much. >>> just to keep you up to date with what's going on here in the uk, it is a big day in london. you're looking at live pictures of number 10 downing street. this is where he's having a cabinet meeting. what's expected is that he will come out of downing extreme, he will make hs way to buckingham palace to ask the queen to dissolve parliament, which would be done next monday. this is downing street that you're looking at, obvi
that toyota may report an operating profit of 40 billion yen. and that is 2.5 times what they originally forecast coming on the back of reduced costs and weaker yen. >>> well, our next guest is seeing signs is of exhaustion in risk appetite. he is now seeing a one-month lag between the baltic index, and selected commodities. this could in turn result in a decline in commodity currencies versus the u.s. dollar. for more on the decline of the baltic index, we bring in the chief market strategist with cmc markets. always good to have you on the program, and welcome back. >> thank you for having me, maria. >> let's talk about the correlation by tween the baltic dry index and commodities and what does it tell you and why is this index so critical from your standpoint? >> yes, maria, the baltic dry index is a cost of shipping goods, and materials and non-fuel, but we have to be careful before we talk about it further. we have to say that the cost of these ships is not only a factor of the demand, but also of the supply and of the availability of ships, but having said that, this cost as we hav
higher. >>> incentive war led by toyota helping increasing sales. we'll fill you in on the numbers. >>> let's look at how the market finished for a week. prime merica went public. they're ringing the closing bell. they certainly did create a lot of spark of excitement down here. accelerating at the close. no down we saw money moving into the market in the afternoon hours. it was stronger at the open, gave up much of the games. 10,927 last trade on the blue chip average. nasdaq was also high ir, fractional move there. >> a little more volatility we've. that's a good thing, up as much as -- and let's look at the positive points here today in the first trading day of the zk. pricing their ipo, and
bell." i'll phil lebeau with breaking news from toyota. cnbc has confirmed that cnbc will suspend production of the lexus 4g at the point where it is built in japan. they stop production of the lexus gx 460 as they test the electronics on the suv. the tentative plan to rejum on april 28th, but between tomorrow and april 28th, the production of the lexus gx 460 will stop. simon, back to you. >> thank you, phil, with that breaking news. there is an election in the british government, and so desperate is the politician to save himself, that the uk became overreliant on the pound. separately, gordon brown spent time doubling the british health service which is structural spending which is hard to cut. and that lethal combination will leave the uk with a budget deficit greater than any country on earth, and 13% of gdp, and because britain is not in the euro zone, the pound is fully exposed to take the strain of repricing uk debt to make it attractive. in fact, the pound is down 7% since august. some say it is undervalued and bears predict that it will be $1.30 by the end of the year wh
the toyota thing helps them, paul, but you're a veteran analyst in this business. how do you see this? >> well, i think, you know, one of the key things they have to do is somehow get their cars and their brands, especially chevrolet and cadillac, to be viewed as kind of cool again. you know, it's cool to drive a chevy. you know, ford is starting to get a little bit of that back into its image because of all this, you know, consumer electronic stuff they're adding in there, the voice-activated control system and that sort of thing. gm has to make some cars that are sporty, fun to drive. the typical chevy has had the image of, you know, a great car you can pick up at the airport rental counter, but that's about it. so, they really have to turn around that chevy brandt image. they have some good cars, the malibu, but they have to develop a good and complete lineup. >> for now it's still government motors. that's it. paul, welcome aboard. >> yes, it is. >> appreciate it very much. >> thanks, larry. >>> coming up on "the kudlow report," will senator blank lincoln's controversial derivativ
,000 digital books and 3 million applications to the ipad during that span. >>> toyota forming a quick response complaint team if drivers experience unintended acceleration. the quick analysis response team or s.m.a.r.t. will analyze any complaint within 24 hours. >>> david menlo,is joining us on the phone. are you with us, david? >> i am with you. about this particular offering, it is obviously going to be a institutional sweetheart on the surface just by the name itself, but this is something where you have to peel back the first few layers of the artichoke to really see the huge debt load underneath. >> it is interesting that they will be coming to market with a huge offering now. does that tell you anything about their expectations for the market or for reception? they have to believe that they are going to be received well if they come out with a $4.5 billion deal? >> well, the odds are favoring the investors of this particular offering or any that come out at this point, because the valuations are still extraordinarily low. but obviously, there is a need for cash on the part of this compa
with analysts and investors today for gm the focus is profits and the timetable for an ipo. for toyota about getting past the recall fiasco. phil lebeau is listening in on the details. what did you hear? >> general motors gave us the fourth quarter financial updates july 10th through the end of last year and a couple of things stand out here. overall, the loss was $4.3 billion, $3.4 billion in the united states. during the conference call cfo chris lidel said it was close that the company was to break even when you strip out one-time charges. that's the first time that we heard them say that they are this close to break even. they have roughly $36 billion in cash and equivalence on hand. he plans to underpromise and overdeliver as gm moves towards getting back in the black. >> we are committed to repaying the balance off by june of this year. significantly adhered of the or original repayment schedule. after we repay the loans, our shareholders to complete a successful public offering as soon as it makes sense. i know there is a huge interest in when that might actually be and the best i can
day. make sure you get your taxes filed or get an extension or something. toyota is going to conduct a safety test on all of its suvs. this comes an consumer reports a handling problem in a new version of a lexus puts drivers at risk for a rollover, which is the worst for suvs. it has nothing to do with accelerators. >> this is a concern about suvs in general, that they're top heavy, that something could happen. but out of 95 suvs that consumer reports tested, that came in 95. >> if you were a conspiracy theorist, who would think? >> i've heard that. >> the u.s. government owns gm now and suddenly toyota is the biggest piece of crap that has ever been on the road suddenly. >> you can say that, but you can say it came as toyota became the largest carmaker and car seller in the nation. >> i know you can, like, make skooug excuses and everything else. but the reality is that we have a big, vested interest in gm succeeding now and we're finding all kinds of stuff -- >> well, consumer reports doesn't own anything in gm. >> no. >> they're not -- >> i'll find a link somewhere, raj rajaratna
or not toyota's problems with the prius, which is the hybrid, mean good things for the technology that gosn has been championing which is electric. because they are a competition in some ways. >> right. different set of struggles. you have to make sure there's an infrastructure within a country. >>> financial crisis inquiry hearing brings in a host of big-name witnesses. our mary thompson joins us with more. mary. >> well, it's a three-part hearing today with the star witness being, of course, former federal reserve chairman alan greenspan. he kicks things off today at 9:00 eastern this morning. his focus, subprime lending and how it contributed to the financial crisis. greenspan cited for playing a key role in the housing crisis as the federal reserve kept short-term rates low for much of his tenure at the central bank. we don't know what greenspan will say, but if a march paper he wrote for the brookings institute is a guideline, he'll repeat that monetary policy is not to blame for the crises. greenspan instead citing a convergence of events that included the rapid growth of and high savings
for toyota, which obviously owns luxury carmaker lexus. consumer reports issuing a rare don't buy recommendation for the 2010 gx 460 suv this is due to a risk of rollovers. first on cnbc, we have rick paul for "consumer reports." good to have you with us. how rare is this? >> excuse me? >> how rare is it to say, don't buy? >> we have not issued a warning for consumers not to buy a vehicle because of a safety risk since 2001. it is pretty rare. >> when did you make this decision and did you feel any pressure because consumer reports has been so consistently positive on toyotas deer toyotae braking issue. did you feel you needed to come on hard? >> no, this is something we found in one of our routine handling tests. in the test, when the gx 460 is pushed to its limits, the rear end swings out wide until the vehicle is almost sideways. if this was to happen in a real world situation, it could lead to a rollover. >> so don't buy it? >> we're telling people not it buy it until that is fixed. >> i'm no automotive engineer and perhaps neither are you, but perhaps you are, how do you fix
its fourth consecutive quarterly report. ford has been the big winner here from toyota's troubles posting its largest quarterly market share gain since, get a load of this, 1977. >>> well, it is day two of earnings season and both of my next guests here are expecting strong results for the first quarter. but has the market fully priced in a positive outlook? joining me -- joining me to discuss, we have larry adam, chief investment strategist at deutsche bank, private wealth management, which manages more than $260 billion. also, david kovacs, chief investment officer at turner investment partners. turner has more than $20 billion under management. david, what do you think? i'll kick it off with you, your sense of this market right now? >> well, i think that we've had a healthy market, but we're likely to move higher here as long as interest rates, both on the short and long end of the yield curve, stay about where they are. i think that the earnings are likely to be very strong this quarter. we're starting forecast on the s&p 500 at about $80 of s&p earnings. i think by the time w
. the government has said toyota has agreed to pay a record $16.4 million fine for failing to properly notify authorities about the failure of a pedal defe defect. you can see right now, the stocks trading off just a little bit. down 45 cents. about half a percent. >>> want to head over right now to mr. larry kudlow who is at earnings central. hey, larry. >> hi, trish. i'm joined by tyler mathisen who's going to take a look at halliburton and eli lilly's earnings. are they making money? >> let's start with eli lilly. their net was down 5% from a year ago. what's interesting, here you see the intraday chart. $1.18 a share versus a $1.10 a share estimate. that was the call there. so they beat estimates. but here is the key. what eli lilly is saying is that year over year, health care reform is going to cost them revenue. look over there at that chart. about 300 to $400 million in revenue loss in 2010. and even more in 2011. why? two reasons. one is because of what we know, some of the other companies have been saying we're going to have to count for retiree drug costs in a different way. it's g
. eurozone debt, strains and rising trade protectionism. >>> and the hits just keep on coming for toyota. moody's investors service lowering its long-term debt rating for the world's largest automaker. the firm predicts low profit levels for toyota. they cannot buy a break lately. >> no. >>> and as we wait on the latest read in the housing market with existing home sales due at the top of the hour, which is obviously in about five minutes, a glimmer of good news in the apartment area. u.s. apartment vacancy rates have stopped rising. rents have seen a modest increase in the first quarter. joining us to talk about how the markets will react to that, rod petrick with stifel nicolaus, also a real estate analyst. rod, interesting, some, you know, a hedge fund manager was on the show the other day saying apartments are the way to go because as the markets recover, people forced to live at home or with extended family, they're going to go out and rent before they buy. so, this would be consistent with overall economic improvement, wouldn't it? >> absolutely. occupancies are already high with t
. they actually give 18% of the money to the cubs, but the cubs wanted to put up this toyota sign, this big toyota sign and the rooftop owners wouldn't have anything to do with it. of course i have to have some props this morning. that includes the little nachos in a big helmet. the cubs doing their part to promote obesity in this country. right here you have the full nachos in here in the real helmet and the bison -- don't know if they're going to take it but the bison hot dog for $5.50 by tom rickets' ranch, the new owner of the cubs in wyoming. let me take a quick bite because it's required. okay. very lean like bison. it has more omega 3s than salmon and the leanest of the meats. >> does it taste like a hot dog? >> reporter: yeah, it does. they've done a really nice job. and it does taste very lean and good. throughout the day we'll be here and have the new owner of the cubs tom rickets. do i have mustard on me? tom rickets on squawk on the street. he'll talk about the whole business and how the $845 million business -- that bet will pay off. >> did i hear you correctly? you said they've redon
. now, what this will do -- obviously, this is linked to the whole toyota situation -- is it's going to reduce power to engines in cases where the brake and the accelerator are pressed at the same time. the announcement comes at a time when toyota continues to battle negative publicity over its recalls of cars involving reports of unintended acceleration, david, some of which we know were linked to the brakes and others of which were not. >> yes, possibly driver error. >> right. >>> all right, treasury secretary tim geithner delaying a report on whether china is a currency manipulator. it was originally due out on april 15th. geithner says he'll use g-20 meetings and a u.s./china strategic dialogue in beijing to urge china to budge on the yuan. very important, obviously. last week, china announced president hu jintao will attend a nuclear securities summit meeting in washington on april the 12th. and obviously, the decision made not to muddy the waters there, as we hope to get some cooperation from china on iran. for example, by pushing them all over the place on currency. but certai
in 2006, it was asian autos that won 46 to 29. 15% of those polled says toyota makes the best cars, down from 25% a year ago. >> did they mention versus european cars? they didn't mention versus european cars. it was asian cars. toyota, kia and things like that, yeah, but not including probably beamers or mercedes. i guess people still think -- >> porsche. doesn't porsche come in on top of satisfaction? >> just tell me to shut up. >> he deserves it. he wasn't here. he doesn't even know what you're talking about. because i said porsche is an italian company. >> now i can't hear this. we're just talking about my windmill, too. >> yeah, your windmill car and that football oblong -- >> anyway, the recession changed the playing field for fixed nl income investors. joining us flower is marilyn kohn. marilyn, thanks for joining us this morning. >> thank you. >> it is a new landscape and bonds are garnering a lot of attention right now. how did things change when things fell apart? >> things have changed dramatically. the fixed income market has been unbelievably embraced by baby boomers that sa
in a few minutes. >>> welcome back to "power lunch." here are stories we're following at this hour. toyota will continue to offer most of its big incentives through april. according to published reports, renault, nissan and daimler will partner on small vehicles. u.s./brazil, billions in subsidies paid to american cotton farmers. >>> for more on today's market moves let's head back to the floor of the new york stock exchange where they are standing by. i hear you say we are going to hit 1200 for s&p 500 next week and 13 by september. what are your predictions. >> the only thing that truly worked are technicals. off to the 1044 on the downside we bounced off that level. that's all that has been ringing sounding true for the marketplace. technicals fundamentals look good but technicals are what they are basing their opinions to buy and sell the market on. grinding higher, volume is light. i think it's going to continue having 1200 next week, middle of may s&p. >> how about dow, is it a resistance point? >> of course it is. i don't trade based on the dow, i'm more focused on s&p. 11,000 is th
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